Imazuya ran a small cargo vessel business that was subservient to Hamada Domain during the late Edo Period (1603~1867). In order to help alleviate the financial distress that Hamada Domain was experiencing, Aizuya (Imazuya) attempted to smuggle foreign stowaways, which was prohibited at the time. Hachiemon traveled to an island which is currently a South Korean island called Ulleungdo and confirmed that it was a very profitable place to conduct business. However, in 1836 the smuggling operation became exposed, and Hachiemon was arrested and later executed for his crimes.
After the beginning of the Showa Period (1926~1989), Hachiemon became recognized as a "man who risked everything for his hometown Hamada" and a "pioneer in foreign trade." Due to this, Matsubara Association built a monument called "Imazuya Hachiemon Monument" to commemorate him in 1935. The inscription on the back of the stone monument reads "Guide Us. Future generations, follow in his footsteps."